| | | |
1. | Rounding off of Figures appearing in financial statement | Turnover of less than ₹ 100 Crs. – R/off to the nearest Hundreds, thousands or decimal thereof | Turnover of less than ₹ 100 Crs. – R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof |
| | Turnover of ₹ 100 Crs. Or more but less than ₹ 500 Crs. R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof. | Turnover of ₹ 100 Crs. or more R/off to the nearest lakhs, millions or crores, or decimal thereof. |
| | Turnover of ₹ 500 Crs. or more R/off to the nearest Hundreds, thousands, lakhs, millions or crores, or decimal thereof. | |
2. | Net Working Capital | Current assets & liabilities are shown together under application of funds. The net working capital appears in the balance sheet. | Assets & liabilities are to be bifurcated in to current & Non-current and to be shown separately. Hence, net working capital will not be appearing in the Balance sheet. |
3. | Fixed Assets | There was no bifurcation required in to tangible & intangible assets. | Fixed assets to be shown under non–current assets and it has to be bifurcated into Tangible & intangible assets. |
4. | Borrowings | Short term & long term borrowings are grouped together under the head loan funds subhead Secured/unsecured. | Long term borrowings to be shown under non-current liabilities and short term borrowings to be shown under current liabilities with separate disclosure of secured / unsecured loans. |
| | | Period and amount of continuing default as on the balance sheet date in repayment of loans and interest to be separately specified. |
5. | Finance lease obligation | Finance lease obligations are included in current liabilities | Finance lease obligations are to be grouped under the head non-current liabilities. |
6. | Deposits | Lease deposits are part of loans & advances | Lease deposits to be disclosed as long term loans & advances under the head, "non-current assets". |
7. | Investments | Both current & non-current investments to be disclosed under the head investments | Current and non-current investments are to be disclosed separately under current assets & non-current assets respectively. |
8. | Loans & Advances | Loans & Advances are disclosed along with current assets | Loans & Advances to be broken up in long term & short term and to be disclosed under non-current & current assets respectively. |
| | Loans & Advance to subsidiaries & others to be disclosed separately | Loans & Advance from related parties & others to be disclosed separately. |
9. | Deferred Tax Assets/Liabilities | Deferred Tax Assets/liabilities to be disclosed separately | Deferred Tax Assets/liabilities to be disclosed under non-current assets/liabilities as the case may be. |
10. | Cash & Bank Balances | Bank balance to be bifurcated in scheduled banks & others | Bank balances in relation to earmarked balances, held as margin money against borrowings, deposits with more than 12 months maturity, each of these to be shown separately. |
11. | Profit & Loss | P & L debit balance to be shown under the head Miscellaneous expenditure & losses | Debit balance of Profit and Loss Account to be shown as negative figure under the head Surplus. Therefore, reserve & surplus balance can be negative. |
12. | Sundry Creditors | Creditors to be broken up in to micro & small suppliers and other creditors | It is named as, 'Trade payables' and there is no mention of micro & small enterprise disclosure. |
13. | Other current liabilities | No specific mention for separate disclosure of Current maturities of finance lease obligation | Current maturities of finance lease obligation to be disclosed. |
14. | Separate line item | Any item under which expense exceeds one per cent of the total revenue of the company or ₹ 5,000 which ever is higher; shall be disclosed separately. | Any item of income/expense which exceeds one per cent of the revenue from operations or ₹ 1,00,000, which ever is higher, to be disclosed separately. |
| Disclosure criteria | | |
15. | Expense classification | Function wise & nature wise | Expenses in Statement Profit and Loss to be classified based on nature of expenses. |
16. | Finance Cost | Finance cost to be classified in fixed loans & other loans | Finance cost shall be classified as interest expense, other borrowing costs & Gain/Loss on foreign currency transaction & translation. |
17. | Foreign exchange gain/loss | Gain/loss on foreign currency transaction to be shown under finance cost. | Gain/loss on foreign currency transaction to be separated into finance costs and other expenses. |
18. | Purchases | The purchase made and the opening & closing stock, giving break up in respect of each class of goods traded in by the company and indicating the quantities thereof. | Goods traded in by the company to be disclosed in broad heads in notes. Disclosure of quantitative details of goods is diluted. |